ICICI issue price band at Rs 885-950

ICICI Bank has fixed a price band of Rs 885-950 per share for its follow-on public issue of shares. At the lower end of the band, the issue price would be at a 2.5 per cent discount to the stock's closing price on Friday (Rs 908) on the BSE; at the higher end, it would be at a premium of 4.6 per cent to the last traded price. The book-building issue starts on June 19 and closes on June 22. Retail bidders, including existing retail shareholders, will be allotted shares at a discount of Rs 50 per share to the issue price. The bank plans to raise Rs 10,062 crore (including a green shoe option of Rs 1,312.5 crore) from the domestic stock market. ICICI Bank will raise an equivalent amount through an issue of American Depository Shares.